Key stats
About X-Square Municipal Income ETF
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Inception date
May 19, 2023
Structure
Open-Ended Fund
Replication method
Physical
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
X Square Capital LLC
Distributor
ALPS Distributors, Inc.
ZTAX takes advantage of tax exemptions in US territories through investments in USD-denominated municipal securities issued by Puerto Rico, Guam, and the US Virgin Islands. Securities from these territories qualify for a triple-tax exemption, making them exempt from federal, state, and local taxes. The fund expects assets to be invested mainly in Puerto Rico (65-80%) and, to a lesser degree, in the US Virgin Islands (10-25%) and Guam (5-10%). Securities are analyzed using legal and economic fundamentals, revenue strength and quality, and other fundamentals. The fund intends to invest in bonds perceived to have attractive relative values. The funds broad investments may be of any maturity, duration or credit quality. As an actively managed ETF, the fund managers have full discretion to make buy, hold, and sell decisions at any time. ZTAX is the first triple-tax exempt and Puerto Rico ETF in the US. Before May 28, 2024, the fund traded as X-Square Municipal Income Tax Free ETF.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Municipal
Bonds, Cash & Other100.00%
Municipal100.78%
Mutual fund1.70%
Cash−2.48%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
ZTAX last dividends amounted to 0.52 USD. Six months before that, the issuer paid 0.06 USD in dividends, which shows a 88.57% increase.
ZTAX assets under management is 4.34 M USD. It's fallen 3.00% over the last month.
ZTAX fund flows account for 639.50 K USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, ZTAX pays dividends to its holders with the dividend yield of 0.00%. The last dividend (Jul 7, 2025) amounted to 0.52 USD. The dividends are paid semi-annually.
ZTAX shares are issued by X Square Capital LLC under the brand X-Square. The ETF was launched on May 19, 2023, and its management style is Active.
ZTAX expense ratio is 0.86% meaning you'd have to pay 0.86% of your investment to help manage the fund.
ZTAX follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
ZTAX invests in bonds.
ZTAX price has fallen by −2.18% over the last month, and its yearly performance shows a −4.79% decrease. See more dynamics on ZTAX price chart.
NAV returns, another gauge of an ETF dynamics, have fallen by −0.98% over the last month, showed a 1.62% increase in three-month performance and has decreased by −2.66% in a year.
NAV returns, another gauge of an ETF dynamics, have fallen by −0.98% over the last month, showed a 1.62% increase in three-month performance and has decreased by −2.66% in a year.
ZTAX trades at a premium (1.69%) meaning the ETF is trading at a higher price than the calculated NAV.